The dollar has strengthened against the pound and the euro this morning as markets await US Federal Reserve Chair Jerome Powell’s testimony.
Today and tomorrow, Powell, will appear in front of the US Senate, and the markets will be listening for any hint of another interest rate hike of 75 basis points in July.
In the data world, existing home sales data for May was released yesterday, showing a 3.4% decline year-on-year in May. This was the lowest since June of 2020 and in line with estimates. Sales went down for a fourth consecutive month due to rising mortgage rates and high inflation.
Tomorrow, we will see data for jobless claims and PMI.
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